The functions of the gold market are mainly manifested in the following aspects:

Pricing function: The gold market is the global gold pricing center, which provides a fair, transparent and timely pricing reference for global gold production, circulation and consumption through market transactions and price formation mechanism.

Circulation function: the gold market provides a convenient and efficient circulation platform, which enables gold buyers and sellers to quickly match and realize transactions. At the same time, the liquidity of the gold market also makes gold an effective investment tool.

Risk management function: participants in the gold market can hedge risks such as inflation and currency depreciation by buying gold. In addition, derivatives trading in the gold market also provides participants with more risk management tools.

Investment and financial management function: As a precious metal, gold has a high value, so the gold market has also become an important place for investors to manage their finances. Investors can maintain and increase the value of wealth by purchasing physical gold, gold ETF, gold futures and other products.

Macro-economic control function: in terms of monetary policy, the central bank can adjust the money supply in the gold market by buying and selling gold. In addition, the gold market can also provide an important source of tax revenue for the country.

The role of promoting international trade and economic growth: the opening and liberalization of the gold market has promoted the development of international trade and the industrial and economic growth related to gold.

To sum up, the gold market plays an important role in pricing, circulation, risk management, investment and financial management, macro-control, promoting international trade and economic growth.